Annual Report: 2022
Annual Report and Accounts Summary for Milton Cycle Industries Ltd. for the year ended March 31st, 2022:
The Sixty-Second Annual General Meeting of Milton Cycle Industries Limited will be held on Friday, September 30th, 2022, at 11:00 A.M. at the company premises in Sonepat to consider the adoption of the audited balance sheet, profit & loss account, and cash flow statement for the financial year ended March 31, 2022, along with the reports of the Board of Directors and Auditors. A special resolution will also be considered for the appointment of Mr. Vinod Buber (DIN-09487600) as a Whole-Time Director for a period of 3 years, effective September 30th, 2022, with a basic salary of Rs. 35,100 p.m. and other allowances of Rs. 10,000 p.m., subject to shareholder approval. The Board considers him well-qualified due to his 45 years of experience.
Financial Performance: The financial year 2021-22 saw a Net Profit after Tax of Rs. (3,71,39,913) compared to Rs. (1,02,54,870) in the previous year. Gross Income was Rs. 1,55,27,123 versus Rs 21,25,07,997 in the prior year. Depreciation for the year amounted to Rs. 59,59,199. The company’s paid-up Equity Share Capital stood at Rs 42,00,000, consisting of 4,20,000 Equity Shares of Rs 10 each.
Directors' Report Highlights: The directors reported their inability to recommend any dividend on Equity Shares. Mr. Vinod Buber was appointed as a Director and subsequently approved as whole-time director. All Independent Directors have declared that they meet the criteria of independence as per the Companies Act, 2013 and SEBI regulations. No employee received remuneration exceeding specified limits.
Operational Changes: The company stopped the production of cycles and other items from 30-04-2021 due to suspension of production in the factory.
Statutory Compliance and Audit: M/S MEHRA KHANNA & CO. were appointed as Statutory Auditors. The report of the Statutory Auditors and management's response to the observations are included in the report. Internal financial controls are deemed adequate.
Other Key Points: No material changes affected the financial position between the end of the financial year and the date of the report. The company made no loans, guarantees, or investments under section 186 of the Companies Act, 2013. The company has adopted a policy on the prevention of sexual harassment at the workplace and received no complaints during the period 2021-22. No new technology was adopted due to the production halt. There were no foreign exchange earnings or outgo.
Legal Matters: Several litigations are pending against the company, including cases filed by MSME and other suppliers for recovery of outstanding dues. Bankruptcy proceedings have been initiated against the company by AVAN ISPAT AND POWER LIMITED, RALSON INDIA LIMITED, and TATA STEEL BSL LIMITED, with replies filed or to be filed by the company.
Financial Statement Details (Balance Sheet and Profit & Loss):
As of March 31, 2022, the total equity and liabilities were Rs. 40,99,00,400 and Total Assets were also Rs. 40,99,00,400. Revenue from operations was Rs. 52,07,639. The Loss for the Period was (3,71,39,913). Earning per equity share (Basic and Diluted) was (3.714).
Auditor's Report: The auditors issued an unmodified opinion, stating that the financial statements give a true and fair view of the company's financial position, loss, and cash flows. The report also includes annexures on internal financial controls and matters specified in the Companies (Auditor's Report) Order, 2016.
Shareholding: Key shareholders with more than 5% shareholding include Sh. Gautam Kapur, Sh. Girish Kapur, Sh. Sanjay Kapur, Sh. Vikram Kapur and Sh. Rajiv Kapur.
Contingent Liabilities: Contingent liabilities include surety bonds for payment of central and local sales tax and interest on recovery cases before MSME Council and NCLT. The names of MSME units with outstanding amounts exceeding Rs 1 lakh for more than 30 days are listed.
Access essential information and documents to make informed investment decisions
Stay updated with upcoming events, conferences, and announcements
Access quarterly and half-yearly financial statements and reports
Download comprehensive annual reports and financial summaries
Access investor presentations, corporate briefings, and slideshows
Our blog provides insightful information about unlisted shares, offering a deeper understanding of how these assets work, their potential benefits, and the risks involved. Whether you're new to unlisted shares or looking to expand your knowledge, we cover topics such as investment strategies, valuation methods, market trends, and regulatory aspects. Stay updated with expert tips and guides to navigate the unlisted share market effectively.
Unlisted shares are stocks of companies that are not listed on any stock exchange, meaning they are not publicly traded. These shares are typically available for trade in the private market through brokers, and can offer unique investment opportunities.
You can buy unlisted shares through a broker or platform that specializes in unlisted share transactions. We provide a secure and easy way to purchase unlisted shares from top companies, ensuring a smooth transaction process.
The share prices of unlisted companies can fluctuate based on various factors like market demand, company performance, and private transactions. You can check the latest share prices for unlisted companies on our website for real-time updates.
Unlisted shares can offer higher growth potential, as they are typically not subject to the same market volatility as listed shares. However, they come with higher risk due to limited liquidity and availability of information. It's important to research thoroughly and consult experts before investing.
To sell unlisted shares, you can connect with a broker or platform that facilitates the sale of private stocks. We help investors buy and sell unlisted shares with ease, ensuring that your transaction is handled professionally and securely.
Yes, unlisted shares can eventually be listed on a stock exchange through an Initial Public Offering (IPO). This process allows the company to offer its shares publicly and be traded on major exchanges, potentially increasing liquidity and visibility.
Gains from unlisted shares are subject to capital gains tax in India. Short-term capital gains (if held for less than 24 months) are taxed at your applicable income tax rate, while long-term capital gains (if held for more than 24 months) are taxed at 20% with indexation benefits. Always consult a tax advisor for precise tax implications.
The value of unlisted shares is typically determined by private transactions, financial reports, and market demand. We provide the latest updates on share prices of unlisted companies, giving you the most accurate valuation available.
The minimum investment for unlisted shares can vary depending on the company and broker. Generally, the minimum investment is higher than for listed stocks, but we provide detailed information to help you make the best investment decisions.
Yes, unlisted shares may pay dividends if the company has declared them. However, since these companies may be in their growth stage, dividend payments are not always guaranteed. It's important to check the company's financial health before investing.
It's important to conduct thorough research on the company's financials, management, market potential, and overall business model. You can also seek professional advice from experts to help you choose unlisted shares with strong growth prospects.
Gains from unlisted shares are subject to capital gains tax in India. Short-term capital gains (if held for less than 24 months) are taxed at your applicable income tax rate, while long-term capital gains (if held for more than 24 months) are taxed at 20% with indexation benefits. Always consult a tax advisor for precise tax implications.
